Kevin Warsh, Donald Trump’s pick for Fed chair, raises rates despite intense pressure from president
The decision was unanimous, with the vote 12 – 0.
In its press release, the committee said:
Economic activity is expanding at a solid pace. While uncertainty remains elevated owing, in part, to geopolitical developments, domestic spending has been resilient. Productivity growth is strong, and capital investment is robust. Job gains have kept pace with the workforce, and the unemployment rate has changed little.
Inflation remains elevated. Today’s policy action will support a timelier return to the Committee’s 2 percent goal. The Committee will deliver price stability.
